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Thu 9 Oct 2008 09:55 AM

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Bahrain protected against global turmoil - PM

Sheikh Khalifa says all banks stable, stability assured by gov't role in ownership of banks.

The Gulf state of Bahrain is protected against the current global economic turmoil, its prime Minster said on Wednesday.

Bahrain’s financial stability was assured by the government's crucial role in the ownership of national banks, Sheikh Khalifa bin Salman Al-Khalifa was quoted as saying by Bahrain’s Gulf Daily News.

"Bahrain has adopted for decades clear, sound and systematic financial and economic policies. Such policies have always been tailored to meet the requirements of local growth and insulate national economy against potential global economic volatility," Sheikh Khalifa said.

All Bahrain-based banks were stable and had the capacity to withstand global instability, he added.

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